ACC380_Week4 Discussion 2

ACC380_Week4 Discussion 2 - d. Investments can be reported...

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Sheet1 Page 1 a. Deferred Revenues 607,000 Operating Revenue-Tuition and Fees 607,000 b. Accounts Receivable 2,400,000 Cash 9,600,000 Operating Revenue-Tuition and Fees 11,350,000 Deferred Revenues 650,000 c. Operating Revenue Deduction-Scholarship Allowances 930,000 Accounts Receivable 930,000 d. Scholarships and Fellowships Expense 760,000 Accounts Receivable 760,000 a. FASB standards for not-for-profit organizations require the following financial reports for all not-for-profits: Statement of Fina n b. The three classes of net assets required by FASB for not-for-profit organizations are: unrestricted, temporarily restricted, an d c. According to FASB, property, plant, and equipment should be recorded as noncurrent assets and depreciated over its usefu
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Unformatted text preview: d. Investments can be reported at cost, lcm, or fair value. a. Resources restricted for time are recognized as contribution revenue (temporarily restricted net asset) when the pledge is r e b. Contributions with a condition require that some event takes place before revenue can be recognized. Contributions with a r e c. Contributed services can be recognized as revenue either when the services create or enhance nonfinancial assets or whe n d. Multiyear pledges are recorded in the temporarily restricted class of net assets in the year that the pledge is made. The initi a...
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